- November 25, 2024
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I have yet to meet a person who reads and understands the implications of every contract related to a real estate transaction.
A security system came as a standard feature in the home I built in Grand Haven. A Daytona Beach-based company installed the system. A representative stopped by in March 2001, shortly after the closing, to activate the monitoring service. I signed the contract without taking the time to read all the fine print.
When I recently moved to a condominium, I contacted the Daytona Beach company to cancel the security monitoring service. I was surprised to find out that the installing company had sold my monitoring contract off to another company. This is apparently a common practice. That company explained that I could not cancel until March 2012. I dug out the contract and, sure enough, the original term of three years was automatically extended in two-year increments unless I provided written notice more than 30 days prior to the renewal date.
They said they would be happy to transfer the contract to my new residence. Otherwise, I’m stuck with the contract until March 2012.
A builder friend recently bought a second/vacation home from the original owner. After moving in, my friend discovered an issue with the home’s roof. As a builder, he knew that type of roof typically came with a 30-year warranty. He knew the warranty wouldn’t cover the entire cost of replacing the roof, but he expected a prorated payment based on the age of the roof. When contacted, the manufacturer confirmed the warranty was transferrable, but only if the new owner registered with the manufacturer within 30 days of transferring title. That deadline had passed. The warranty was voided.
One Tidelands resident failed to pay attention to the documents that clearly state “All draperies, curtains, shades or other window or door coverings installed within a unit which are visible from the exterior of the unit or other portions of Tidelands shall have a white backing unless otherwise approved by the board.” That owner was required to remove expensive window treatments.
Moral of the story: Read the fine print. Or be prepared to pay.
